2023 Cybersecurity Outlook: Identifying 5 Common Cybercrimes and Cyberattacks

As technology improves along the way, cyber threats also evolve. Today’s cyber threats are not the same as the threats a couple of years ago. Read more to find out the cybersecurity trend in 2023.

Company owners and business leaders nowadays need to understand the challenge of undergoing digital transformation. Digital transformation will make everything faster and more convenient. But on top of that, it also comes with a threat: cybercrime. The rapid advancement of AI and machine learning technology makes cybercrime much easier to carry out now than ever. This is why cybersecurity must be a top priority when a company undergoes digital transformation. Cybersecurity is important to prevent and minimize the casualties of cybercrime. 

To better prepare your company and your personal cybersecurity, check these 5 common cybercrimes and cyberattacks in 2023 that you have to watch out for. 

Cloud Computing Security

From personal usage to business operations, cloud computing is now widely used to improve efficiency and streamline workloads. Yet, it means relying so much on the third-party cloud company to handle the data storage. This increases the risk that your database might be vulnerable to cyberattacks.

Veritis stated that most cloud computing security threats are connected to cloud data security. Most concerns are related to the consumers’ data, for example, a lack of visibility into data, an inability to regulate data, or data theft. That is why consumers are highly responsible for their own cloud security instead of relying completely on cloud service providers.

Digital Fraud

More people do their shopping online. The trend has increased since the pandemic, and it has stuck since. However, despite the convenience, being careless when transacting online can result in digital fraud. Phishing, identity theft, spyware, scams, and spam—all of these can be included as digital fraud when they result in victims paying a sum of money.

In June 2023, BioCatch, a company specializing in financial security, reported its 2023 APAC Digital Banking Fraud Trends Report. According to the report, 51% of the fraud victims were lured into high-risk session schemes involving remote access tools before falling prey to investment scams. This case is concerning, because these fraudsters are moving towards more human-centric coercion, the report continued, in order to outsmart even the most advanced cyber solutions.

Phishing

According to CSOOnline, phishing still ranks among the most popular cyberattack techniques, along with business email compromise (BEC) and ransomware. Phishing is a form of cyberattack where victims are sent fake messages leading to phishing sites. It’s often disguised as log-in pages or online forms. It is usually used to commit online fraud or identity theft.

The article further stated that cybercriminals mostly abused Microsoft’s brand name in phishing attacks. This is mainly concerning for users who have limited knowledge of cybercrime because they will believe that an email is safe if it has familiar famous branding.

Data Breach

Phishing can result in a data breach; a situation where sensitive or protected data are exposed and/or shared without permission. Most of the time, it is assumed to be caused by outside hackers, but, according to Kaspersky, it’s not always true. Data breaches can happen because of a malicious insider, lost or stolen devices, and even an accidental insider case. It is when an employee without proper authorization accidentally viewed protected data.

With the progress of the Internet of Things (IoT), nowadays it is easier to connect one device with another. The exchange between one device to another can be a loophole and cause some data to slip through. Without secure connectivity, it can happen quickly.

Automotive Hacking

Modern vehicles are now equipped with software that makes their passengers feel entertained and safe. However, Forbes reported that tech experts are also worried about the potential of cyberattacks on these ‘rolling computers.’ These vehicles contain lots of microchips and electronic control units, meaning that there are more aspects to consider regarding driver and passenger safety now.

The article further quoted Dennis Kengo Oka, Senior Principal Automotive Security Strategist at Synopsys Software Integrity Group, “I think there’s always some balance between security and usability. The more functions and features you want as a user, the higher the risk.” Thus, a thorough security assessment needs to be conducted when releasing new models of modern vehicles in the future.

Conclusion

As technology progresses rapidly before our eyes, its danger and risk come along with it. Therefore, familiarizing yourself with the threat, the consequences, and the prevention is a must. No matter the size, every company has the same chance of getting attacked. So be aware and watch out for potential cybercrime and cyberattacks and make your cybersecurity a top priority.